Anglo American plc (JSE:AGL) News - Production Report for the first quarter ended 31 March 2022 Anglo American plc (the "Company") Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM NEWS RELEASE 21 April 2022 Production Report for the first quarter ended 31 March 2022 Mark Cutifani, Chief Executive of Anglo American until 19 April 2022, said: "Production in the normally slower first quarter was 10%(1) lower than the same period in 2021, impacted by peak Covid-related absenteeism, high rainfall affecting operations in South Africa and Brazil, and safety and other operational challenges at metallurgical coal and iron ore operations. This challenging start to the year highlights the importance of adhering to our Operating Model to stabilise performance after the necessary disruptions of the last two years as we adapted to - and now learn to live with - Covid. As a result, we are updating our platinum group metals, iron ore and metallurgical coal volume guidance for the full year, and our unit cost guidance for most product groups to also reflect up to date exchange rates and the inflationary pressure on many input prices, particularly diesel. "More broadly, progressing our Sustainable Mining Plan priorities has never been more relevant or urgent, most notably in relation to energy security, costs and emissions as we work to ensure our business is competitively positioned for the long term. During the quarter, we agreed an MOU to partner with EDF Renewables to secure 100% renewable energy for our operations in South Africa. This ecosystem approach is a major step towards reducing our on-site energy requirements, the largest source of our operational emissions, building on the 100% renewable electricity already secured for our South America operations by 2023. We also expect to have the world's largest hydrogen haul truck in action in the next few weeks, proving up this technology at scale for real world mine conditions, and expected to displace up to 80% of our on- site diesel emissions." Q1 2022 highlights - Rough diamond production increased by 25%, reflecting a strong operational performance and lower rainfall impact, primarily in Botswana. The Benguela Gem, diamond recovery vessel, was commissioned ahead of schedule and on budget, and is expected to add an additional 500,000 carats per year of high value diamonds to our production. - Metal in concentrate production from our Platinum Group Metals operations decreased by 6%, primarily due to high rainfall at Mogalakwena, with full year guidance revised to 3.9-4.3 million ounces (previously 4.1-4.5 million ounces). - Copper production decreased by 13% primarily due to planned lower grades. The Los Bronces and El Soldado operations and the Chagres smelter were awarded the Copper Mark in March, recognising responsible copper production practices. - Iron ore production decreased by 19% as high rainfall and plant issues affected both Kumba and Minas-Rio, with full year guidance revised to 60-64 million tonnes (previously 63-67 million tonnes). - Metallurgical coal production decreased by 32% due to the delayed longwall move at Moranbah and the end of production from Grasstree. The suspended Grosvenor operation and Aquila life-extension project both started operations in mid-February. Moranbah was suspended following a fatal underground incident in late March, with full year guidance revised to 17-19 million tonnes (previously 20-22 million tonnes), subject to regulator approval for restart at the next panel as planned. - Full year cost guidance has increased by 9%(2), reflecting a 4%(2) impact from stronger producer currencies and 3%(2) from inflationary pressures, particularly diesel, as well as the revisions to volume guidance. Production Q1 2022 Q1 2021 % vs. Q1 2021 Diamonds (Mct)(3) 8.9 7.2 25% Copper (kt)(4) 140 160 (13)% Nickel (kt)(5) 9.3 10.1 (8)% Platinum group metals (koz)(6) 956 1,021 (6)% Iron ore (Mt)(7) 13.2 16.2 (19)% Metallurgical coal (Mt) 2.2 3.3 (32)% Manganese ore (kt) 804 905 (11)% (1) Copper equivalent production is normalised to reflect the demerger of the South Africa thermal coal operations and the sale of our interest in Cerrejon. (2) Unit cost guidance on a copper equivalent basis is calculated as the USD cost base (based on unit cost guidance) divided by the copper equivalent mid-point of production guidance. (3) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis. (4) Contained metal basis. Reflects copper production from the Copper operations in Chile only (excludes copper production from the Platinum Group Metals business unit). (5) Reflects nickel production from the Nickel operations in Brazil only (excludes nickel production from the Platinum Group Metals business unit). (6) Produced ounces of metal in concentrate. 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine production and purchase of concentrate. (7) Wet basis. Production and unit costs guidance summary 2022 production and unit costs guidance is summarised as follows: 2022 production guidance(1) 2022 unit costs guidance(1) Diamonds(2) 30-33 Mct c.$65/ct Copper(3) 660-750 kt c.147c/lb (previously c.140c/lb) Nickel(4) 40-42 kt c.495c/lb (previously c.450c/lb) Platinum Group Metals(5) 3.9-4.3 Moz c.$970/PGM oz (previously 4.1-4.5Moz) (previously c.$900/PGM oz) Iron Ore(6) 60-64 Mt c.$40/t (previously 63-67 Mt) (previously c.$35/t) Metallurgical Coal(7) 17-19 Mt c.$105/t (previously 20-22 Mt) (previously c.$85/t) (1) Subject to the extent of further Covid-19 related disruption. Unit costs exclude royalties, depreciation and include direct support costs only. FX rates for 2022 unit costs: ~15 ZAR:USD, ~1.3 AUD:USD, ~5.0 BRL:USD, ~800 CLP:USD, ~4 PEN:USD (previously ~16 ZAR:USD, ~1.4 AUD:USD, ~5.6 BRL:USD, ~830 CLP:USD, ~4 PEN:USD). (2) Production on a 100% basis, except for the Gahcho Kue joint venture, which is on an attributable 51% basis, subject to trading conditions. Venetia continues to transition to underground operations during 2022, with ramp-up expected from 2023. Unit cost is based on De Beers' share of production. (3) Copper business unit only. On a contained-metal basis. Total copper production is the sum of Chile and Peru: Chile: 560-600 kt and Peru: 100-150 kt. Copper Chile subject to water availability. Unit cost total is a weighted average based on the mid-point of production guidance. Chile unit cost is revised to c.150c/lb (previously c.145c/lb). Peru unit cost is revised to c.135c/lb (previously c.125c/lb) and is based on ramp-up production volumes, it is therefore highly dependent on production start date. (4) Nickel operations in Brazil only. (5) 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split of metals differs for own mined and purchased concentrate, refer to FY2021 results presentation slide 38 for indicative split of own mined volumes. 2022 metal in concentrate production is expected to be 1.8-2.0Moz of platinum (previously 1.9-2.1Moz), 1.2-1.3Moz of palladium (previously 1.3-1.4Moz) and 0.9-1.0Moz of other PGMs and gold. 5E + gold refined production is expected to be 4.0-4.4Moz (previously 4.2-4.6Moz), subject to the potential impact of Eskom load-shedding. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. (6) Wet basis. Total iron ore is the sum of operations at Minas-Rio in Brazil and Kumba in South Africa. Minas-Rio: 22-24 Mt (previously 24-26 Mt) and Kumba: 38-40 Mt (previously 39-41 Mt). Kumba is subject to the third party rail and port performance, as well as weather-related disruptions. Unit cost total is a weighted average based on the mid-point of production guidance. Minas-Rio unit cost is revised to c.$32/t (previously c.$25/t) and Kumba unit cost is revised to c.$44/t (previously c.$41/t). (7) Production excludes thermal coal by-product from Australia and is subject to the timing of the restart of Moranbah longwall mining operations. FOB unit cost comprises managed operations and excludes royalties and study costs. Realised prices Q1 2022 Q1 2021 Q1 2022 vs Q1 2021 FY 2021 Copper (USc/lb)(1) 462 421 10% 453 Nickel (USc/lb) 1,085 747 45% 773 Platinum Group Metals Platinum (US$/oz)(2) 998 1,142 (13)% 1,083 Palladium (US$/oz)(2) 2,097 2,424 (13)% 2,439 Rhodium (US$/oz)(2) 17,161 20,224 (15)% 19,613 Basket price (US$/PGM oz)(3) 2,685 2,219 21% 2,761 Iron Ore - FOB prices(4) 168 177 (5)% 157 Kumba Export (US$/wmt)(5) 169 180 (6)% 161 Minas-Rio (US$/wmt)(6) 166 170 (2)% 150 Metallurgical Coal - HCC (US$/t)(7) 373 113 230% 211 Metallurgical Coal - PCI (US$/t)(7) 266 94 183% 138 (1) The realised price for Copper excludes third party sales volumes. (2) The realised price excludes trading. (3) Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals (PGMs, base metals and other metals), excluding trading, per 5E + gold sold ounces (own mined and purchased concentrate). (4) Average realised total iron ore price is a weighted average of the Kumba and Minas-Rio realised prices. (5) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.6% moisture). The realised prices differ to Kumba's standalone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $172/t (Q1 2021: $183/t) and this was higher than the dry 62% Fe benchmark price of $124/t (FOB South Africa, adjusted for freight). (6) Average realised export basket price (FOB Acu) (wet basis as product is shipped with ~9% moisture). (7) Weighted average coal sales price achieved at managed operations. Australian thermal coal by-product is US$230/t and Q1 2021 was US$76/t, resulting in a 203% increase. FY 2021 was US$120/t. De Beers De Beers(1) (000 carats) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Botswana 6,184 4,960 25% 5,236 18% Namibia 451 338 33% 392 15% South Africa 1,696 1,161 46% 1,292 31% Canada 604 710 (15)% 771 (22)% Total carats recovered 8,935 7,169 25% 7,691 16% Rough diamond production increased by 25% to 8.9 million carats, reflecting a strong operational performance, and higher planned levels of production to meet continued strong demand for rough diamonds, while Q1 2021 was impacted by particularly high rainfall in Botswana and at Venetia. In Botswana, production increased by 25% to 6.2 million carats from increased processing at both Orapa and Jwaneng, as well as planned higher grades across the operations. Namibia production increased by 33% to 0.5 million carats primarily driven by higher recovery from the crawler vessels, due to lower planned maintenance of the Mafuta and the early delivery of the new diamond recovery vessel, the Benguela Gem. South Africa production increased by 46% to 1.7 million carats due to the treatment of higher grade ore from the final cut of the open pit. Production in Canada decreased by 15% to 0.6 million carats, primarily as a result of treating lower grade ore. Robust demand for rough diamonds continued into the first quarter following strong growth in consumer demand over the holiday season, with rough diamond sales totalling 7.9 million carats (7.0 million carats on a consolidated basis)(2) from two Sights(3), compared with 13.5 million carats (12.7 million carats on a consolidated basis)(2) from three Sights in Q1 2021, and 7.7 million carats (7.2 million carats on a consolidated basis)(2) from three Sights in Q4 2021. However, as we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as the impact of Covid-19 lockdowns in China. 2022 Guidance Production guidance(1) for 2022 is unchanged at 30-33 million carats (100% basis), subject to trading conditions and the extent of further Covid-19 related disruptions. Unit cost guidance for 2022 is unchanged at c.$65/ct. (1) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis. (2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis). (3) Due to the completion of Sight 3 in April 2022, the sales will be recognised in Q2 2022. Q1 2022 Q1 2022 De Beers(1) Q1 Q4 Q3 Q2 Q1 vs. vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Carats recovered (000 carats) 100% basis (unless stated) Jwaneng 3,632 2,679 3,954 3,169 3,091 18% 36% Orapa(2) 2,552 2,557 2,449 2,558 1,869 37% 0% Total Botswana 6,184 5,236 6,403 5,727 4,960 25% 18% Debmarine Namibia 375 330 309 249 249 51% 14% Namdeb (land operations) 76 62 90 89 89 (15)% 23% Total Namibia 451 392 399 338 338 33% 15% Venetia 1,696 1,292 1,577 1,276 1,161 46% 31% Total South Africa 1,696 1,292 1,577 1,276 1,161 46% 31% Gahcho Kue (51% basis) 604 771 797 899 710 (15)% (22)% Total Canada 604 771 797 899 710 (15)% (22)% Total carats recovered 8,935 7,691 9,176 8,240 7,169 25% 16% Sales volumes Total sales volume (100)% (Mct)(3) 7.9(4) 7.7 7.8 7.3(5) 13.5(5) (41)% 3% Consolidated sales volume (Mct)(3) 7.0(4) 7.2 7.0 6.5(5) 12.7(5) (45)% (3)% Number of Sights (sales cycles) 2(4) 3 2 2(5) 3(5) (1) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis. (2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. (3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis). (4) Due to the completion of Sight 3 in April 2022, the sales will be recognised in Q2 2022. (5) Due to ongoing travel restrictions and the timing of Sight 3 at the end of Q1 2021, the Sight event was extended beyond its normal week-long duration. As a result, 0.2 Mct (total sales volume, 100% and consolidated basis) from Sight 3 were recognised in Q2 2021. Copper Copper(1) (tonnes) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Los Bronces 65,400 78,800 (17)% 84,900 (23)% Collahuasi (44% share) 65,700 71,600 (8)% 66,000 0% El Soldado 8,400 9,900 (15)% 9,800 (14)% Total Copper 139,500 160,300 (13)% 160,700 (13)% (1) Copper production shown on a contained metal basis. Reflects copper production from the Copper operations in Chile only (excludes copper production from the Platinum Group Metals business unit). Copper production decreased by 13% to 139,500 tonnes due to planned lower grades. Production from Los Bronces decreased by 17% to 65,400 tonnes due to planned lower grades (0.6% vs 0.7%) and lower copper recovery (80% vs 83%). The impact of expected low water availability following the record low levels of precipitation in 2021 was offset by initiatives to maximise water efficiency. At Collahuasi, attributable production decreased by 8% to 65,700 tonnes driven by planned lower grades (1.2% vs 1.3%) and planned plant maintenance reducing throughput. Production from El Soldado decreased by 15% to 8,400 tonnes due to planned lower grades (0.6% vs 0.7%). Chile's central zone continues to face severe drought conditions and the outlook for the remainder of the year remains very dry. The average realised price of 462c/lb, includes 154,100 tonnes of copper provisionally priced on 31 March at an average of 471c/lb. 2022 Guidance Production guidance for 2022 is unchanged at 660,000-750,000 tonnes (Chile 560,000-600,000 tonnes; Peru 100,000-150,000 tonnes). Production is subject to the extent of further Covid-19-related disruptions and in Chile, to water availability. 2022 unit cost guidance for Chile is revised to c.150c/lb (previously c.145c/lb), reflecting the impact of the stronger Chilean peso, higher input costs and inflation. 2022 unit cost guidance for Peru is revised to c.135c/lb (previously c.125c/lb), reflecting the impact of inflation. Copper(1) Q1 Q4 Q3 Q2 Q1 Q1 2022 vs. Q1 2022 vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Los Bronces mine(2) Ore mined 8,976,100 11,056,800 10,512,600 11,403,100 10,812,400 (17)% (19)% Ore processed - Sulphide 11,142,600 13,293,500 12,715,400 13,168,200 11,520,400 (3)% (16)% Ore grade processed - Sulphide (% TCu)(3) 0.62 0.70 0.70 0.68 0.72 (14)% (11)% Production - Copper cathode 10,100 10,400 9,800 9,800 9,900 2% (3)% Production - Copper in concentrate 55,300 74,500 69,800 74,600 68,900 (20)% (26)% Total production 65,400 84,900 79,600 84,400 78,800 (17)% (23)% (Anglo American share 44%) Ore mined 22,004,800 23,940,600 30,327,200 26,943,000 21,220,300 4% (8)% Ore processed - Sulphide 13,841,700 13,979,000 12,926,400 14,334,300 14,441,600 (4)% (1)% Ore grade processed - Sulphide (% TCu)(3) 1.18 1.18 1.28 1.29 1.26 (6)% 0% Production - Copper in concentrate 149,400 150,100 148,300 168,800 162,800 (8)% 0% Anglo American's 44% share of copper production for Collahuasi 65,700 66,000 65,300 74,300 71,600 (8)% 0% El Soldado mine(2) Ore mined 611,100 975,500 1,697,800 1,796,600 1,708,600 (64)% (37)% Ore processed - Sulphide 1,809,700 1,909,400 1,952,000 1,834,800 1,755,100 3% (5)% Ore grade processed - Sulphide (% TCu)(3) 0.57 0.63 0.73 0.75 0.70 (19)% (10)% Production - Copper in concentrate 8,400 9,800 11,600 11,000 9,900 (15)% (14)% Chagres Smelter(2) Ore smelted(4) 30,900 29,200 30,200 25,400 23,200 33% 6% Production 25,100 28,400 29,200 24,600 22,600 11% (12)% Total copper production(5) 139,500 160,700 156,500 169,700 160,300 (13)% (13)% Total payable copper production 134,100 154,100 150,100 162,600 154,300 (13)% (13)% Total sales volumes 132,100 173,400 162,300 157,700 147,700 (11)% (24)% Total payable sales volumes 126,900 166,200 153,900 149,200 143,200 (11)% (24)% Third party sales(6) 65,300 138,500 136,200 82,800 74,000 (12)% (53)% (1) Excludes copper production from the Platinum Group Metals business unit. Units shown are tonnes unless stated otherwise. (2) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres Smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations. (3) TCu = total copper. (4) Copper contained basis. (5) Total copper production includes Anglo American's 44% interest in Collahuasi. (6) Relates to sales of copper not produced by Anglo American operations. Nickel Nickel (tonnes) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Nickel 9,300 10,100 (8)% 10,600 (12)% Nickel production decreased by 8% to 9,300 tonnes, primarily due to lower ore grades, as a result of licensing delays at the end of 2021, as well as the impact of heavy rainfall and unplanned maintenance at Codemin. 2022 Guidance Production guidance for 2022 is unchanged at 40,000-42,000 tonnes, subject to the extent of further Covid-19 related disruptions. 2022 unit cost guidance is revised to c.495c/lb (previously c.450c/lb), reflecting the impact of the stronger Brazilian real and inflation. Q1 2022 Q1 2022 Nickel (tonnes) Q1 Q4 Q3 Q2 Q1 vs. vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Barro Alto Ore mined 343,700 719,300 1,190,900 976,200 628,500 (45)% (52)% Ore processed 643,900 654,400 564,400 641,500 616,700 4% (2)% Ore grade processed - %Ni 1.42 1.50 1.64 1.56 1.53 (7)% (5)% Production 7,900 8,600 8,300 8,800 8,200 (4)% (8)% Codemin Ore processed 115,100 141,700 146,800 136,400 136,600 (16)% (19)% Ore grade processed - %Ni 1.41 1.57 1.60 1.52 1.51 (7)% (10)% Production 1,400 2,000 2,100 1,800 1,900 (26)% (30)% Total Nickel production(1) 9,300 10,600 10,400 10,600 10,100 (8)% (12)% Sales volumes 9,000 10,400 11,700 9,800 10,200 (12)% (13)% (1) Excludes nickel production from the Platinum Group Metals business unit. Platinum Group Metals (PGMs) PGMs (000 oz)(1) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Metal in concentrate production 956 1,021 (6)% 1,103 (13)% Own mined(2) 623 695 (10)% 734 (15)% Purchase of concentrate (POC)(3) 333 326 2% 369 (10)% Refined production(4) 719 973 (26)% 1,391 (48)% (1) Ounces refer to troy ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). (2) Includes managed operations and 50% of joint operation production. (3) Includes the other 50% of joint operation production, as well as the purchase of concentrate from third parties. (4) Refined production excludes toll refined material. Metal in concentrate production Own mined production decreased by 10% to 623,100 ounces, primarily due to lower production at Mogalakwena, partially offset by improved performance at Mototolo, Amandelbult and Unki. Production at Mogalakwena decreased by 24% to 248,800 ounces as a result of a 17% reduction in grade due to severe rainstorms as mining was redirected to lower grade areas supplemented by the draw down of lower grade ore stockpiles, as well as Covid-19 supply chain disruptions impacting delivery of heavy mining equipment. This was partially offset by a 3% increase at Amandelbult to 159,900 ounces, reflecting improved underground mining performance. Production at Unki increased by 5% to 53,300 ounces following the debottlenecking project at the concentrator, completed in Q4 2021. Production at Mototolo increased by 15% due to higher grade. Joint operations decreased by 6% to 93,900 ounces. Purchase of concentrate increased by 2% to 332,900 ounces, primarily due to the continued recovery of third party volumes from the impact of Covid-19. Refined production Refined production decreased by 26% to 718,500 ounces, due to more normalised throughput, as Q1 2021 benefited from higher than normal work-in-progress inventory following the ACP Phase A rebuild and commissioning in Q4 2020. In addition, planned annual maintenance and the annual stock count (including at the Precious Metal Refinery, which only occurs every three years) resulted in additional downtime of processing assets in Q1 2022. Sales Sales volumes decreased by 26%, in line with refined production. The average realised basket price of $2,685/PGM ounce reflects a more normal level of sales of lower priced ruthenium compared to Q1 2021. 2022 Guidance Production guidance (metal in concentrate) for 2022 is revised to 3.9-4.3 million ounces(1) (previously 4.1-4.5 million ounces)(1). Refined production guidance for 2022 is revised to 4.0-4.4 million ounces (previously 4.2-4.6 million ounces), subject to the potential impact of Eskom load-shedding. Both are subject to the extent of further Covid-19 related disruption. 2022 unit cost guidance is revised to c.$970/PGM oz (previously c.$900/PGM oz), reflecting the impact of the stronger South African rand, lower volumes and inflation. (1) Metal in concentrate production is expected to be 1.8-2.0 million ounces of platinum (previously 1.9-2.1 million ounces), 1.2-1.3 million ounces of palladium (previously 1.3-1.4 million ounces) and 0.9-1.0 million ounces of other PGMs and gold. With own-mined output accounting for ~65%. Q1 Q4 Q3 Q2 Q1 Q1 2022 vs. Q1 2022 vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 M&C PGMs production (000 oz)(1) 956.0 1,103.4 1,116.2 1,057.9 1,021.2 (6)% (13)% Own mined 623.1 734.2 720.0 709.2 694.9 (10)% (15)% Mogalakwena 248.8 300.8 276.4 308.3 329.1 (24)% (17)% Amandelbult 159.9 213.6 218.3 185.3 156.0 3% (25)% Unki 53.3 63.2 42.6 47.9 50.9 5% (16)% Mototolo 67.2 56.9 69.0 59.9 58.6 15% 18% Joint operations(2) 93.9 99.7 113.7 107.8 100.3 (6)% (6)% Purchase of concentrate 332.9 369.2 396.2 348.7 326.3 2% (10)% Joint operations(2) 93.9 99.7 113.7 107.8 100.3 (6)% (6)% Third parties 239.0 269.5 282.5 240.9 226.0 6% (11)% Refined PGMs production (000 oz)(1)(3) 718.5 1,391.3 1,420.4 1,353.7 973.0 (26)% (48)% By metal: Platinum 334.1 653.5 662.9 625.7 457.8 (27)% (49)% Palladium 228.1 423.2 459.8 427.5 317.0 (28)% (46)% Rhodium 46.3 97.7 92.2 94.3 63.0 (27)% (53)% Other PGMs and gold 110.0 216.9 205.5 206.2 135.2 (19)% (49)% Nickel (tonnes) 4,600 5,700 6,000 5,800 4,800 (4)% (19)% Tolled material (000 oz)(4) 154.8 179.5 164.5 153.8 175.9 (12)% (14)% PGMs sales from production (000 oz)(1)(5) 838.2 1,285.2 1,361.0 1,437.1 1,131.1 (26)% (35)% Third party PGMs sales (000 oz)(1)(6) 400.9 272.9 160.1 116.1 221.5 81% 47% 4E head grade (g/t milled)(7) 3.24 3.49 3.47 3.48 3.54 (8)% (7)% (1) M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). (2) The joint operations are Modikwa and Kroondal. Platinum owns 50% of these operations, which is presented under 'Own mined' production, and purchases the remaining 50% of production, which is presented under 'Purchase of concentrate. (3) Refined production excludes toll material. (4) Ounces refer to troy ounces. Tolled volume measured as the combined content of: platinum, palladium, rhodium and gold, reflecting the tolling agreements in place. (5) PGMs sales volumes from production are generally ~65% own mined and ~35% purchases of concentrate though this may vary from quarter to quarter. (6) Relates to sales of metal not produced by Anglo American operations. (7) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability. Iron Ore Iron Ore (000 t) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Iron Ore(1) 13,165 16,173 (19)% 15,051 (13)% Kumba(2) 8,292 10,555 (21)% 9,701 (15)% Minas-Rio(3) 4,873 5,619 (13)% 5,350 (9)% (1) Total iron ore is the sum of Kumba and Minas-Rio. (2) Volumes are reported as wet metric tonnes. Product is shipped with ~1.6% moisture. (3) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture. Iron ore production decreased by 19% to 13.2 million tonnes, due to a 21% decrease at Kumba and a 13% decrease at Minas-Rio. Kumba - Total production decreased by 21% to 8.3 million tonnes, reflecting the impact of higher than average rainfall and equipment reliability on plant performance. Sishen production decreased by 18% to 5.8 million tonnes and Kolomela production decreased by 29% to 2.5 million tonnes. Total sales decreased by 9% to 9.3 million tonnes(1), reflecting logistic constraints and lower production, supplemented by the drawdown of finished stock to 5.1 million tonnes(1). Kumba's iron (Fe) content averaged 64.0% (Q1 2021: 64.2%), while the average lump:fines ratio decreased to 65:35 (Q1 2021: 69:31). The Q1 average realised price of $169/tonne (FOB South Africa, wet basis), was 39% higher than the 62% Fe benchmark price of $122/tonne (FOB South Africa, adjusted for freight and moisture) due to timing on provisionally priced volumes as well as the lump and Fe content quality premiums that the Kumba products attract. Minas-Rio - Production decreased by 13% to 4.9 million tonnes due to lower mining fleet and plant availability, impacted by unplanned maintenance and unusually heavy rainfall. The Q1 average realised price of $166/tonne (FOB Brazil, wet basis) was higher than the Metal Bulletin 66 price of $138/tonne (FOB Brazil, adjusted for freight and moisture), reflecting timing on provisionally priced volumes and the premium quality of the product, including higher (~67%) Fe content. 2022 Guidance Production guidance (wet basis) for 2022 is revised to 60-64 million tonnes (previously 63-67 million tonnes) (Kumba 38-40 million tonnes (previously 39-41 million tonnes); Minas-Rio 22-24 million tonnes (previously 24-26 million tonnes)). Both are subject to the extent of further Covid-19 related disruption and Kumba is subject to the third party rail and port performance, as well as weather-related disruptions. 2022 unit cost guidance for Kumba has been revised to c.$44/t (previously c.$41/t) reflecting the impact of the stronger South African rand, lower volumes and inflation, principally higher diesel prices. 2022 unit cost guidance for Minas-Rio has been revised to c.$32/t (previously c.$25/t) reflecting the impact of inflation, the stronger Brazilian real and lower volumes. (1) Sales volumes and stock are reported on a wet basis and differ to Kumba's standalone results due to sales to other Group companies. Iron Ore (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2022 vs. Q1 2022 vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Iron Ore production(1) 13,164,900 15,050,800 16,888,100 15,695,300 16,173,400 (19)% (13)% Iron Ore sales(1) 13,828,700 16,775,700 15,818,800 14,973,600 15,716,400 (12)% (18)% Kumba production 8,292,000 9,701,300 10,788,600 9,817,600 10,554,700 (21)% (15)% Lump 5,387,700 6,419,900 7,252,800 6,723,700 7,156,100 (25)% (16)% Fines 2,904,300 3,281,400 3,535,800 3,093,900 3,398,600 (15)% (11)% Kumba production by mine Sishen 5,816,100 6,538,200 7,528,300 6,876,800 7,071,200 (18)% (11)% Kolomela 2,475,900 3,163,100 3,260,300 2,940,800 3,483,500 (29)% (22)% Kumba sales volumes(2) 9,332,000 10,690,300 9,965,700 9,406,000 10,230,200 (9)% (13)% Export iron ore(2) 9,332,000 10,690,300 9,965,700 9,406,000 10,123,100 (8)% (13)% Domestic iron ore - - - - 107,100 n/a n/a Minas-Rio production Pellet feed (wet basis) 4,872,900 5,349,500 6,099,500 5,877,700 5,618,700 (13)% (9)% Minas-Rio sales volumes Export - pellet feed (wet basis) 4,496,700 6,085,400 5,853,100 5,567,600 5,486,200 (18)% (26)% (1) Total iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio product is shipped with ~9% moisture. (2) Sales volumes differ to Kumba's standalone results due to sales to other Group companies. Metallurgical Coal Metallurgical Coal(1) (000 t) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Metallurgical Coal 2,226 3,279 (32)% 4,372 (49)% (1) Anglo American's attributable share of production. Export metallurgical coal production decreased by 32% to 2.2 million tonnes primarily due to the delayed longwall move at Moranbah owing to challenging geological conditions in the previous panel, as well as the planned end of production at the Grasstree operation in January 2022. The Aquila life-extension project, which replaces Grasstree, commenced longwall operations on 5 February 2022 and will ramp up during the first half of 2022. At Grosvenor, longwall operations restarted on 21 February 2022 following regulatory approval and will ramp up during the first half of 2022. Operations at Moranbah were suspended following a fatal incident on 25 March 2022, with preparation activities currently underway for restart at the next panel as planned, subject to approval from the regulator. The ratio of hard coking coal production to PCI/semi-soft coking coal was 79:21, slightly higher than in Q1 2021 (77:23), due to the restart of operations at Grosvenor, which produces premium quality hard coking coal, as well as lower volumes of PCI coal from Capcoal open cut operations. The Q1 average realised price for hard coking coal was $373/tonne, and the benchmark price was $488/tonne. The price realisation decreased to 76% (Q1 2021: 89%) due to higher sales earlier in the quarter ahead of the benchmark peak as well as a lower contribution of premium hard coking coal from the underground longwall operations. 2022 Guidance Production guidance for 2022 is revised to 17-19 million tonnes (previously 20-22 million tonnes), subject to the extent of further Covid-19 related disruptions and the timing of the restart of Moranbah longwall mining operations. 2022 unit cost guidance is revised to c.$105/t (previously c.$85/t), reflecting the impact of lower volumes, the stronger Australian dollar and inflation, primarily higher fuel costs. Coal, by product (tonnes)(1) Q1 Q4 Q3 Q2 Q1 Q1 2022 vs. Q1 2022 vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Production volumes Metallurgical Coal 2,226,400 4,372,100 4,288,500 2,968,600 3,278,500 (32)% (49)% Hard Coking Coal 1,753,000 2,922,400 3,567,400 2,319,500 2,511,200 (30)% (40)% PCI / SSCC 473,400 1,449,700 721,100 649,100 767,300 (38)% (67)% Export thermal Coal 427,400 341,800 443,800 519,000 372,400 15% 25% Sales volumes Metallurgical Coal 2,429,700 4,182,400 3,985,800 2,856,300 3,112,300 (22)% (42)% Hard Coking Coal 1,812,000 2,793,500 3,293,600 2,246,200 2,462,100 (26)% (35)% PCI / SSCC 617,700 1,388,900 692,200 610,100 650,200 (5)% (56)% Export thermal Coal 337,900 483,800 560,400 572,000 492,000 (31)% (30)% (1) Anglo American's attributable share of production. Metallurgical coal, by operation (tonnes)(1) Q1 Q4 Q3 Q2 Q1 Q1 2022 vs. Q1 2022 vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Metallurgical Coal 2,226,400 4,372,100 4,288,500 2,968,600 3,278,500 (32)% (49)% Moranbah 172,800 1,084,300 1,314,700 56,600 595,100 (71)% (84)% Grosvenor 125,200 52,100 19,500 - - n/a 140% Capcoal (incl. Grasstree) 746,400 1,588,700 1,503,500 1,554,100 1,346,600 (45)% (53)% Dawson 444,900 654,100 659,200 569,800 600,600 (26)% (32)% Jellinbah 737,100 802,200 791,600 788,100 736,200 0% (8)% Other - 190,700 - - - n/a n/a (1) Anglo American's attributable share of production. Manganese Manganese (000 t) Q1 Q1 Q1 2022 vs. Q4 Q1 2022 vs. 2022 2021 Q1 2021 2021 Q4 2021 Manganese ore(1) 804 905 (11)% 835 (4)% Manganese alloys(1)(2) - - n/a - n/a (1) Saleable production. (2) Production includes medium carbon ferro-manganese. Manganese ore production decreased by 11% to 803,500 tonnes, primarily due to scheduled maintenance at the South African operations. There was no manganese alloy production as the South African smelter has been on care and maintenance since the Covid-19 lockdown in 2020. The divestment of the Metalloys business expected to complete during 2022 will not proceed as certain commercial conditions were not satisfied. Q1 2022 Q1 2022 Manganese (tonnes) Q1 Q4 Q3 Q2 Q1 vs. vs. 2022 2021 2021 2021 2021 Q1 2021 Q4 2021 Samancor production Manganese ore(1) 803,500 834,600 1,003,600 940,500 904,500 (11)% (4)% Manganese alloys(1)(2) - - - - - n/a n/a Samancor sales volumes Manganese ore 846,900 940,200 947,200 980,200 878,200 (4)% (10)% Manganese alloys - - - - 670 n/a n/a (1) Saleable production. (2) Production includes medium carbon ferro-manganese. Exploration and evaluation Exploration and evaluation expenditure increased by 2% to $60 million. Exploration expenditure increased by 26% to $24 million driven by increased exploration activities, principally for copper, reflecting recovery from the Covid-19 disruption in Q1 2021. Evaluation expenditure decreased by 10% to $36 million, driven by lower spend in copper and divestment of thermal coal operations. Corporate and other activities For more information on Anglo American's announcements during the period, please find a link to our Press Releases below: https://www.angloamerican.com/media/press-releases/2022 Notes - This Production Report for the quarter ended 31 March 2022 is unaudited. - Production figures are sometimes more precise than the rounded numbers shown in this Production Report. - Copper equivalent production shows changes in underlying production volume. It is calculated by expressing each product's volume as revenue, subsequently converting the revenue into copper equivalent units by dividing by the copper price (per tonne). Long-term forecast prices are used, in order that period-on-period comparisons exclude any impact for movements in price. - Please refer below for information on forward-looking statements. In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. 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For further information, please contact: Media Investors UK UK James Wyatt-Tilby Paul Galloway james.wyatt-tilby@angloamerican.com paul.galloway@angloamerican.com Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8718 Marcelo Esquivel Emma Waterworth marcelo.esquivel@angloamerican.com emma.waterwoth@angloamerican.com Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574 Katie Ryall Juliet Newth katie.ryall@angloamerican.com juliet.newth@angloamerican.com Tel: +44 (0)20 7968 8935 Tel: +44 (0)20 7968 8830 South Africa Michelle Jarman Nevashnee Naicker michelle.jarman@angloamerican.com nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 1494 Tel: +27 (0)11 638 3189 Sibusiso Tshabalala sibusiso.tshabalala@angloamerican.com Tel: +27 (0)11 638 2175 Notes to editors: Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers - safely and sustainably. As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and metallurgical coal for steelmaking, and nickel - with crop nutrients in development - we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people's lives. http://www.angloamerican.com Forward-looking statements and third-party information: This announcement includes forward-looking statements. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward- looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, political uncertainty, tensions and disputes and economic conditions in relevant areas of the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this announcement is sourced from publicly available third party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. Legal Entity Identifier: 549300S9XF92D1X8ME43 The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) 21 April 2022 Date: 21-04-2022 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.